Do You Know Heather?
Heather read my blog and sought out my mentoring for some of the same reasons as many other realtors. You might know her well… or at least her situation.
Heather does her own prospecting by calling a list of FSBO’s in her market. She gets a new list from a local marketing firm delivered to her every week. Heather does all her own administrative work for prospecting, making calls, appointment setting, scheduling, marketing, listings, sales, and bookkeeping on a tight schedule.
Heather tells me, “I feel like I’m running on a treadmill. I’m working almost every waking hour and have no time for my family. I have organized my business to the point that even the Army would be proud of me. I am getting more business than I can handle yet I am still not making the money I want or getting any closer to my financial goals. I wake up every morning with a positive mindset, but by the end of the day I’m exhausted.”
At this point Heather cannot do more of anything including getting more listings, showings, or closings. Heather has maxed out her time and subsequently her earning potential. She is already listing higher end properties in her market so seeking listings with bigger commissions is not even a possibility.
Maybe you know how Heather feels?
Do You Know Melanie?
Melanie had been selling real estate for two years and was about to give up when she reached out to me.
“I was newly married when I got my license and after two years of no vacations, being out doing showings or on listing appointments when my husband was off work and after missing a few important occasions with him, my marriage was in trouble. I needed a change fast or I was quitting real estate,” Melanie expressed.
Maybe you know someone who does not get enough family time because of his or her real estate profession?
Do You Know Marcus?
Marcus started his own agency and hired an administrative assistant two years ago.
Marcus tells me, “It took me 6 months to make my first hire. In the beginning it was wonderful to have the help. I hired an experienced person that had worked in an agency before. I almost doubled my business in less than three months. But then she became overwhelmed and quit. Since then I have been through four more assistants in just two years. I get them accustomed to the work and then after a few months they leave. Every time I think I’m getting ahead I end up right back where I was.”
“In addition I have five agents that are doing very little. I cannot seem to motivate them,” he adds.
So What can Heather, Melanie and Marcus do to Change Their Circumstances and Their Lives?
- What can Heather do to get off the hamster wheel, have a life and make more money?
- How can Melanie have a happy marriage and keep her career?
- What can Marcus do to break the up and down cycle he is on and stop dragging his revolving door of poor assistants along with him?
A Real Estate Dream Team™ is the answer for all three of these realtors. Marcus is on the right track but needs business structure and the skills needed to motivate his agents.
A Real Estate Dream Team™ is How You Build a Business That Can Run Without You: You Make Money Even When You are Not Working!
Building the right team will help you give your clients better service and you more time. You get more freedom doing only the tasks you love.
- You Can Offer MUCH Better Customer Service
- You will Have More Freedom
- You can focus on only doing the work YOU LOVE the most in your business and delegate the rest.
- You will help others achieve their dreams (customers and your teammates.)
If you watched ‘The Property Shop’ you saw me build a team from the ground up on TV.
When I tell people the solution is building a team I am sometimes asked, “If building a team of support people or opening an agency is the solution to growing your business, making more money and having more time, why are so many agents not doing this?
There are several reasons realtors do not have support staff, a team or struggle when they start an agency.
Fear of Hiring
Let’s face it; if you have never hired someone, the process alone can seem daunting. There is figuring out the job description and skills required, writing an ad, answering calls and screening applicants, interviewing, employment laws to follow and the required legal paperwork.
Hiring is a decision; a decision with major consequences. Hire right and when the new employee is up and running you will think you’ve gone to realtor heaven. Make the wrong hire and you will have to make a much harder decision… about ‘firing’ the person.
Then there can be an overwhelming feeling of responsibility. You are going to be responsible for a person’s paycheck… his or her job… their livelihood!
Take a deep breath… with a few of my hiring strategies and tips you can greatly increase your odds of achieving realtor bliss with your Real Estate Dream Team.
Fear of Delegating
Real estate agents are basically all business owners. And business owners frequently have the mentality that no one can do their job better than they can. This might be true. However what is your job? Have you defined what you should (and should not be doing?)
Being in front of people is where you make your most money as a realtor. This means listing appointments, showings, meeting with buyers, closings, etc. Most all the other tasks required for you to optimize your time in front of people can be delegated. These tasks include paperwork, prospecting, technology management, scheduling, marketing and bookkeeping.
You need to learn how to delegate your non-client-facing and all administrative tasks quickly. Otherwise, you will spend a lot of your time chasing your own tail instead of securing the listings that pay all the bills, while watching your quality of life evaporate into thin air.
When you delegate you will find that both your quality of life and income go up: you can’t become a Real Estate High Roller in a vacuum. Creating a winning real estate practice all by yourself means you’ll make fewer deals while your quality of life diminishes.
Too many people merely appear successful, whether on paper or a red carpet, when, in fact, they are miserable. Their spouses are unhappy and their kids are upset because they seldom have the simple luxury of relaxing around their parents. Home is no longer a haven, but a hurried place where your family comes and goes from every day of the year, only stopping to sleep off the perennial pressure to move forward.
What benefit is there to wealth if you can’t enjoy it with your family or the people you care about? Delegate administrative tasks and more from the outset and be conscious of maintaining a healthy work-life balance. (Your children will thank you because not only will they get more quality time with you, they’ll learn to plan for that as they grow up too, from your example.)
Delegating is a lesson I probably learned a little late in life, but I’ve learned it. You have to let go and divide some of your work up amongst bright, loyal people so that you have time to be with your family or just enjoy life and recharge your batteries. You need to maintain the proper balance between work and personal life so that you can not only be successful, but so you can enjoy both.
Where do You Start Building a Team?
Your first hire should be a full time administrative assistant. This is a salary plus bonuses position. When choosing this person, bear in mind that you are laying the foundation of your real estate empire. Today’s assistant could be tomorrow’s District Manager.
If you can find someone who has been in real estate administration or has experience with transactions and documents you will be light years ahead in training. When advertising to the general public, be very specialized in your wording to weed out unlikely candidates from the best. Specify local candidates only with their own, reliable transportation, whether a car or public service.
You will want to hire a person that is well-groomed and somewhat naturally charismatic as they will be the face of your business. When you manage things correctly, there is a good chance your prospects and clients will deal with this person more than you.
Make sure the person is tech-savvy with communications, the Internet and Office Suite products. If they are tech savvy they should be able to quickly learn and adapt to any other support software that you use including a contact management system.
The basic skills need for an admin assistant include:
- Contract management
- Customer Service
- Marketing coordinator
- Data entry
- Appointment Scheduling
- Basic bookkeeping
Only Hire Additional Support When Needed
Only hire people as you need them. Don’t hire people and then work to get business. In other words, if you aren’t experiencing an overflow of business then expanding isn’t necessary.
The other positions you might need as you grow include:
Inside Sales Specialists (ISS’s), Outside Sales Specialists (OSS’s), independent contractors or freelancers for specific tasks of projects.
You want to hire people that represent you in a professional manner and that possess the best personality traits for the position.
For example your administrative assistant needs to be detail oriented, highly organized, and loyal to you and your brand. This person should have an outgoing personality, conscientious, and work well with your personality.
Do You Know Jordan?
Building wealth in a real estate sales career is achieved by sticking to a winning formula. Just ask Jordan Boyes who has been through my Mastermind Mentoring Program. When I met Jordan he was a solo agent doing everything on his own and working 70 hours a week. Sound familiar? Within 12 months Jordan has a life again with his own agency and 45 agents. Jordan is making more money and went from working 70 hours a week to living the life he always dreamed possible. A life of freedom doing what he loves the most, selling Real Estate and sharing the fruits of his passion with his family.
You too can build a team, work less, make more money and start living the life you knew real estate could bring you, a life of freedom, fulfillment and achievement, just like Me and Jordan.
Come join us… The life of a realtor is truly amazing!
Get started with my FREE ONLINE WORKSHOP